"We are preparing for trial in the state matter and have confidence in the strength of our case," Paxton's attorney Philip Hilder said Tuesday in a prepared statement. "We look forward to trying the case in Collin County."

Last month, the Texas Court of Criminal Appeals denied Paxton's request to throw out his three felony indictments on charges of violating state securities laws. The attorney general had the option to ask the court one final time to rethink its decision but instead opted to begin preparations for his trial, which will probably start next spring or early summer.

The decision brought to a close 15 months of appeals in Paxton's case. He was indicted in July 2015 on two first-degree felony counts and one third-degree count but appealed the charges — alleging grand jury mishandling and other wrongdoing — all the way to the state's highest criminal court.

Paxton is accused of persuading investors to buy more than $850,000 in stock from a North Texas technology startup without disclosing he was being paid by the company's CEO. He received 100,000 shares of Servergy stock in exchange, the prosecution alleges, and also failed to register with the state as an investment adviser representative.

Earlier this year, the U.S. Securities and Exchange Commission filed a federal civil lawsuit against Paxton based on the same allegations.

While the criminal court's denial to quash Paxton's indictments marked a loss for the first-term Republican, Hilder said his client was encouraged by a federal judge's recent decision to temporarily throw out the civil charges.

"The federal judge's recent dismissal of the SEC case highlights the challenges the special prosecutors will have, as the fraud allegations in the dismissed SEC case mirror those in the state case. Moreover, the burden of proof in the criminal case is far greater than that of the SEC case," Hilder said.

There are a multiple procedural steps before Paxton's trial takes place. First, the case must be kicked back down to the trial court and the judge who will preside over the trial. Then he will set multiple deadlines for any pretrial motions either side wishes to file.

After that, the court will begin choosing a jury, probably around April. The case is set to be tried in Collin County, a Paxton stronghold where he lives and attends church.

Understanding the Charges against Paxton

Texas vs. Paxton [State Criminal Case]

Current status: Paxton is probably headed to trial in late spring or early summer.

Charges: Two first-degree felonies for securities fraud; one for failing to register with the state as an investment adviser representative.

Allegations: Persuaded others to invest in Servergy Inc. without disclosing that he received a commission for doing so. Receiving a commission from people he steered to his investment adviser without registering with the state as the adviser's "representative."

Paxton is the sole defendant. The state is represented by special prosecutors Brian Wice, Kent Schaffer and Nicole DeBorde.

Possible sentences: Five to 99 years plus a fine of not more than $10,000 for each first-degree felony charge; two to 10 years plus a fine of not more than $10,000 for the third-degree felony charge.

Paxton and ex-Servegy CEO William E. Mapp III are both defendants. Caleb White, who was accused of similar allegations as Paxton, and Servergy itself were also defendants, but both settled with the SEC by repaying a combined $260,000 in penalties.

Possible consequences: The return of any "ill-gotten gains or unjust enrichment."